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Neenah Paper Board approves reverse-forward stock split

Alpharetta, GA – Neenah Paper has announced that its Board of Directors approved a reverse/forward split of the issued and outstanding shares of Neenah Paper common stock. If approved by Neenah Paper stockholders, the reverse/forward split will consist of a 1-for-50 reverse split of common stock followed immediately by a 50-for-1 forward split of the common stock.

Holdings of stockholders with less than 50 shares of common stock prior to the split would be converted into fractional shares, which will be purchased by Neenah Paper at a price based on the average closing price per share on the New York Stock Exchange for the five days preceding the split. As part of the transaction, Neenah Paper expects to utilize up to $9 million to repurchase shares. Stockholders holding 50 or more shares of common stock will continue to hold the same number of shares after the forward stock split and will not receive any cash payment. The reverse/forward split is expected to result in significantly reduced stockholder record keeping and mailing expenses and will provide small stockholders with a cost-effective way to cash out their investments.

Stockholders will be asked to approve the transaction at a special stockholders’ meeting expected to be held on March 5, 2008. If approved, the transaction would be completed shortly thereafter. The record date for the special stockholders’ meeting is February 6, 2008. Neenah Paper has filed a preliminary proxy statement containing details regarding the reverse/forward split proposal with the Securities and Exchange Commission and will mail a definitive proxy statement regarding this proposal to its stockholders.